Chris Miller labored for over 20 years reimagining and restructuring monetary providers divisions at companies together with Charles Schwab and AIG. In January, he channeled that have into launching his personal advisor platform in Austin, Texas, known as EliteGate Wealth.
Miller stated EliteGate is structured to draw advisors who wish to preserve their independence however have entry to tailor-made options, together with unique non-public fairness choices and property and tax options. Miller can be a accomplice in a middle-market non-public fairness startup, which he calls a “sister” firm to the RIA by the use of the investments and potential consumer pool.
The thought for EliteGate got here partly from that PE launch. When Miller was between jobs and interviewing, he obtained a name from Jeff Cree, who stated he was beginning the PE agency and invited Miller to hitch. That led Miller to change into a accomplice and head of wealth administration for Atlantic Gulfstream Companions, a Dallas-Fort Price-based PE agency centered on decrease -to middle-market companies in manufacturing, MEP (mechanical, electrical, plumbing) and roofing.
Alongside Atlantic Gulfstream, which Cree leads, Miller began EliteGate, whose advisors can present entry to the PE investments and be a feeder channel for potential wealth purchasers.
“Within the present market, it is sensible to have different investments which are unique and distinctive,” Miller stated. “We additionally will likely be working with exiting homeowners who might have advisor providers.”
The mannequin is exclusive for a smaller RIA. Cresset, a $65 billion RIA with a multi-family workplace, had a linked non-public markets investing enterprise known as Cresset Companions to curate investments for purchasers and different buyers up till lately. In February, Cresset Companions introduced it was rebranding to Peakline Companions because it seeks to carve out an unbiased id.
“Many wealth managers with ultra-high-net-worth purchasers have discovered distinctive methods to place non-public investments in entrance of them in a manner that these purchasers wouldn’t have entry to in any other case,” stated Jessica Polito, founder and principal of M&A advisory Turkey Hill Administration LLC. “That has tended to be by way of pooling property to spend money on bigger alternatives or diligencing direct funding alternatives on an ad-hoc foundation.”
EliteGate will add advisors in a 1099 setup and supply compensation based mostly on AUM, with extra bonus alternatives for referrals in areas comparable to property and tax planning. In years two to a few, Miller hopes so as to add wage and bonus-based advisors who could not but have a ebook of enterprise however wish to study and develop.
Throughout his time at Schwab, Miller labored on varied crew restructuring tasks starting from participant advertising and marketing and schooling for the group retirement division to working the range, fairness and inclusion program for its branches. He was additionally a part of the crew engaged on the TD Ameritrade integration after Schwab’s 2020 closure of the deal.
In 2021, AIG employed him as a senior vice chairman of subject design and growth. AIG then spun off his division to change into Corebridge Monetary. Miller was finally let go amid that restructuring, after which he began speaking with former colleagues throughout the monetary providers trade.
These discussions, partly, fueled him to start out his personal agency, which might have much less “purple tape” than company America and give attention to “coaching and assist for advisors” to attain a manageable work-life stability.
“Everyone I talked to was drained, burnt out,” he stated. “No person actually appeared comfortable. It nearly felt like individuals needed to make a superb residing or work someplace they favored, however they couldn’t do each … I felt there should be a greater manner.”
